Core Viewpoint - Recent research conducted by the well-known private equity firm, China Europe Rabbit Fund, on a listed company, Jinggong Technology, indicates a positive outlook for the carbon fiber market and highlights significant business developments and contracts in the pipeline [1] Company Overview - Jinggong Technology was founded in 1992 and listed on the Shenzhen Stock Exchange in June 2004 [1] - The company achieved a consolidated operating revenue of 1.729 billion yuan in 2024, representing a year-on-year growth of 12.25% [1] Market Demand and Contracts - The company holds an optimistic view on future carbon fiber market demand, noting that recent price adjustments by Jilin Chemical Fiber indicate that domestic small tow carbon fiber production has not met market needs [1] - Jinggong Technology has signed sales contracts for eight carbon fiber production lines with Jilin Guoxing, with an outstanding total amount of 875 million yuan remaining to be executed [1] - The standard configuration price for a 3-meter wide carbon fiber production line ranges from 160 million to 200 million yuan [1] Project Developments - The company has secured multiple projects with Jilin Jirun New Materials Co., Jilin Guoxin Carbon Fiber Co., and Shanghai Petrochemical [1] - There is a sufficient backlog of orders for carbon fiber equipment, including complete production lines and core equipment [1] - The implementation of orders from Saudi GIM is expected to positively impact the company's operating performance in 2025 and beyond [1] Subsidiary and New Projects - The wholly-owned subsidiary, Zhejiang Jinggong Carbon Material Technology Co., is advancing the investment and construction of a high-performance fiber project [1] - A contract for the first phase of a 150,000-ton green recycled material project with Jiarun New Materials is progressing smoothly [1] - The company has invested in Nanjing Yiwite and will provide carbon fiber composite products for electric lifting aircraft components [1] Product Launch and International Expansion - Jinggong Technology plans to launch a single-joint exoskeleton assistive robot in the market after July this year [1] - The company has exported core carbon fiber equipment to South Korea and is working on securing overseas orders [1] Employee Incentives - The company has introduced its first employee stock ownership plan, setting a target for a compound annual growth rate of 25% in net profit excluding non-recurring gains and losses for the three-year period from 2024 to 2026 [1]

Group 1: Company Overview and Financial Performance - Zhejiang Jinggong Integrated Technology Co., Ltd. was founded in 1992 and listed on the Shenzhen Stock Exchange in June 2004, focusing on carbon fiber high-end equipment and advanced composite materials [2] - In 2024, the company achieved a consolidated operating revenue of CNY 1.729 billion, a year-on-year increase of 12.25%, while the net profit attributable to shareholders was CNY 147 million, a decrease of 18.53% [2] - For Q1 2025, the company reported a consolidated operating revenue of CNY 404 million and a net profit of CNY 43 million [2] Group 2: Market Outlook and Strategic Direction - The company holds an optimistic view on future carbon fiber market demand, indicating that the industry is a strategic national sector with broad downstream demand [2] - Recent price adjustments by Jilin Chemical Fiber for its wet-process 3K carbon fiber suggest that domestic production is not meeting market demand [2] - The company is transitioning to a "three-in-one" model of "equipment + materials + applications" to accelerate its full industry chain layout [2] Group 3: Contractual Developments and Order Status - In September 2023, the company signed contracts for eight carbon fiber production lines with Jilin Guoxing, totaling CNY 1.15 billion; the remaining unexecuted contract amount is CNY 875 million [4] - The standard price for a 3-meter-wide carbonization line is between CNY 160 million and CNY 200 million, with an annual production capacity of over 3,000 tons [5] - The company has recently won contracts for projects including a 4,000-ton carbon fiber thermal field material project and an 8,000-ton large tow carbon fiber project [6] Group 4: International Expansion and Future Plans - The company is actively promoting its international strategy, with core carbon fiber equipment already exported to South Korea and Vietnam [14] - The company plans to establish overseas sales outlets in Kazakhstan and is focusing on opportunities arising from the Belt and Road Initiative [15] - The company aims to implement its international strategy and expand its overseas market presence in 2025 [15] Group 5: Employee Stock Ownership Plan - In 2024, the company launched its first employee stock ownership plan, setting a challenging performance target of a 25% compound annual growth rate for net profit from 2024 to 2026 [15] - The first vesting period's performance target was not met due to macroeconomic conditions and supply-demand imbalances in the carbon fiber industry [15] - The company aims to motivate employees to achieve future performance targets based on its industry position and development strategy [15]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.95 yuan per share [6][11]. Core Insights - The company achieved a revenue of 1.729 billion yuan in 2024, representing a year-on-year increase of 12.25%. However, the net profit attributable to shareholders decreased by 18.53% to 147 million yuan [1]. - In Q1 2025, the company reported a revenue of 404 million yuan, a decline of 25.93% year-on-year, primarily due to decreased sales in carbon fiber and resource recycling equipment [1]. - The company has a diversified product matrix, with significant market shares in carbon fiber equipment (over 50%), polyester recycling equipment, building energy-saving devices (over 40%), and textile machinery (over 50%) [2]. Financial Performance Summary - The company forecasts revenues of 2.052 billion yuan, 2.455 billion yuan, and 2.979 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 225 million yuan, 278 million yuan, and 337 million yuan for the same years [3][5]. - The report indicates an expected EPS of 0.43 yuan, 0.53 yuan, and 0.65 yuan for 2025, 2026, and 2027, with corresponding PE ratios of 42, 34, and 28 times [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.95 yuan per share [6][11]. Core Insights - The company achieved a revenue of 1.729 billion yuan in 2024, representing a year-on-year increase of 12.25%. However, the net profit attributable to shareholders decreased by 18.53% to 147 million yuan [1]. - In Q1 2025, the company reported a revenue of 404 million yuan, a decline of 25.93% year-on-year, primarily due to decreased sales in carbon fiber and resource recycling equipment [1]. - The company has a diverse product matrix, with significant market shares in carbon fiber equipment (over 50%), polyester recycling equipment, building energy-saving devices (over 40%), and textile machinery (over 50%) [2]. Financial Performance Summary - The company is projected to achieve revenues of 2.052 billion yuan, 2.455 billion yuan, and 2.979 billion yuan for the years 2025, 2026, and 2027, respectively [3]. - The net profit attributable to shareholders is expected to be 225 million yuan in 2025, 278 million yuan in 2026, and 338 million yuan in 2027, with corresponding EPS of 0.43 yuan, 0.53 yuan, and 0.65 yuan [3]. - The company's PE ratios are projected to be 41.70, 33.74, and 27.76 for the years 2025, 2026, and 2027, respectively [3].

Financial Performance - In 2024, the company achieved a total revenue of 1.729 billion CNY, a year-on-year increase of 12.25% [1] - The net profit attributable to shareholders was 147 million CNY, a year-on-year decrease of 18.53% [1] - For Q1 2025, the company reported a revenue of 404 million CNY, a year-on-year decline of 25.93%, and a net profit of 43 million CNY, down 24% [1] Carbon Fiber Industry Insights - In 2024, carbon fiber equipment revenue was 725 million CNY, remaining stable compared to 2023 [1] - The company signed contracts with Jilin Guoxing for 11.5 billion CNY in carbon fiber production lines, with 2.35 billion CNY delivered [1][2] - The remaining unexecuted contract amount is 875 million CNY, with no significant adverse impact on financial results expected [2] Project Updates - The company is actively pursuing contract fulfillment for the Saudi GIM project, which is expected to positively impact 2025 and beyond [4] - The contract with Sichuan Zhongyi Huixin for carbon fiber production lines has not yet received a prepayment, but the company is focused on contract execution [5] - The polyester recycling production line project with Zhejiang Jianxin Jiarun is progressing well, with a planned delivery of 50,000 tons by 2025 [9] Market Outlook - The company maintains an optimistic view on future carbon fiber market demand, citing a broad application scope and current high prices [6] - The shift towards a "three-in-one" strategy of equipment, materials, and applications aims to enhance the carbon fiber industry's competitiveness [6] Technological Developments - The original silk production line is progressing as planned, with a target of producing 10,000 tons of high-performance carbon fiber annually [8] - The company is involved in the low-altitude economy, collaborating with partners for electric vertical takeoff and landing aircraft components [10] - Development of a single-joint exoskeleton robot is underway, with market introduction expected to have no significant impact on financial performance [11]

浙江精工集成科技股份有限公司 证券代码：002006 证券简称：精工科技 公告编号：2025-030 浙江精工集成科技股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次年度股东大会未出现否决议案的情形。 （2）现场会议召开地点：浙江省绍兴市柯桥区鉴湖路 1809 号公司会议室； （3）股权登记日：2025 年 5 月 9 日； （4）会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式 召开，现场会议采取记名投票表决的方式。 （5）会议召集人：公司董事会 2、本次年度股东大会不涉及变更以往股东大会已通过的决议。 3、公司独立董事在本次年度股东大会上进行了述职。 一、会议召开和出席情况 1、会议召开情况 （1）召开时间：2025 年 5 月 14 日； 现场会议召开时间：2025 年 5 月 14 日上午 10：00； 网络投票时间：2025 年 5 月 14 日,其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为 2025 年 5 月 14 日的交易时间，即 9:15—9:25,9 ...

北京市星河律师事务所 法律意见书 北京市星河律师事务所 关 于 浙江精工集成科技股份有限公司召开 2024 年度股东大会的 法律意见书 2025 年 4 月 17 日，贵公司召开第九届董事会第七次会议，决定于 2025 年 5 月 14 日召集本次大会。 2025 年 4 月 19 日，贵公司在指定信息披露媒体《证券时报》和巨潮资讯 网（http://www.cninfo.com.cn）发布了《浙江精工集成科技股份有限公司关于召 开 2024 年度股东大会的通知》，列明了召开本次大会的召开时间、地点、召开 方式、审议事项、出席对象、登记方法等内容。 2025 年 5 月 14 日上午 10：00 时，本次大会现场会议如期召开，会议由贵 公司董事长孙国君先生主持，本所律师列席并见证了本次大会的召开过程。 1 致：浙江精工集成科技股份有限公司 北京市星河律师事务所（以下简称本所）接受浙江精工集成科技股份有限公 司（以下简称贵公司）的委托，就贵公司召开 2024 年度股东大会（以下简称本 次大会）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市 ...

Market Position and Competitive Advantage - The company holds a market share of over 50% in the carbon fiber production line sector, establishing itself as a leader in the domestic specialized equipment industry [2][15]. - Compared to international competitors, the company offers a higher cost-performance ratio and effective after-sales service, while it possesses unique independent innovation capabilities and leading production costs compared to domestic rivals [2][3]. Project Developments - The company is progressing well with the contract for a 50,000-ton main process device of the 150,000-ton green recycled new materials project, expected to be delivered in 2025 [3][9]. - The company has signed strategic cooperation agreements with various partners for charging station construction, with 177 sites approved and 82 signed contracts as of 2024 [3][4]. Industry Trends and Future Outlook - The company anticipates significant growth in the recycled fiber market, projected to increase from approximately 12 billion RMB in 2019 to around 20 billion RMB by 2025 [8][9]. - The company is focusing on the low-altitude economy and robotics sectors, with plans to develop electric vertical takeoff and landing aircraft components and exoskeleton robots [5][6]. Financial Performance - In 2024, the company achieved a total revenue of 1.728 billion RMB, a 12.25% increase from the previous year, while net profit decreased by 18.53% to 146.9 million RMB [19]. - The overall gross margin for 2024 was 29.21%, reflecting a decline of 3.06 percentage points due to changes in revenue composition [19]. Talent and R&D Investment - The company invested 120.21 million RMB in R&D in 2024, a 5.26% increase year-on-year, with 348 technical R&D personnel, accounting for 22.64% of the workforce [17][28]. - The "1511 Talent Action Plan" aims to attract high-level talent, with 10 PhDs and 47 master's graduates recruited in 2024 [17][20]. Shareholder Returns - The proposed profit distribution for 2024 includes a cash dividend of 1.50 RMB per 10 shares, totaling approximately 77.95 million RMB [19].

浙江精工集成科技股份有限公司 证券代码：002006 证券简称：精工科技 公告编号：2025－029 浙江精工集成科技股份有限公司 关于碳纤维生产线合同变更的公告 3、Ⅱ期项目公司将在收到预付款后启动制作和交付，于收到预付款后5个月 进场安装、8个月内开始调试。 本补充协议与原合同具有同等法律效力，本补充协议与原合同约定不一致的， 以本补充协议为准，未尽事宜双方协商确定。 三、合同变更对公司的影响及风险提示 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、合同概述 2023年9月26日，浙江精工集成科技股份有限公司（以下简称公司）与吉林 国兴碳纤维有限公司（以下简称吉林国兴）签署了合同编号为GX230926027的《碳 化线装置购销合同》（以下简称合同），合同约定，公司分四期向吉林国兴提供8 条碳纤维生产线，总金额为11.50亿元（含税）。其中，Ⅰ期金额2.35亿元，Ⅱ期 金额3.40亿元，Ⅰ、Ⅱ期同时启动，Ⅲ、Ⅳ期设备具体启动日期以吉林国兴书面 通知为准。截至本公告披露日，合同Ⅰ期2.35亿元碳纤维生产线已交付完毕，公 司累计收到合同货款1.70亿元。 ...

浙江精工集成科技股份有限公司 证券代码：002006 证券简称：精工科技 公告编号：2025－028 浙江精工集成科技股份有限公司 关于同一控制下企业合并追溯调整财务数据的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 浙江精工集成科技股份有限公司（以下简称公司）于2025年4月25日召开了 第九届董事会第八次会议、第九届监事会第八次会议，审议通过了《关于同一控 制下企业合并追溯调整财务数据的议案》。具体情况如下： 一、本次追溯调整原因 根据《企业会计准则第2号—长期股权投资》《企业会计准则第20号—企业 合并》《企业会计准则第33号—合并财务报表》及其相关指南、解释等相关规定， 母公司在报告期内因同一控制下企业合并增加的子公司，编制合并资产负债表时， 应当调整合并资产负债表的期初数；编制合并利润表时，应当将该子公司以及业 务合并当期期初至报告期期末的收入、费用、利润纳入合并利润表；编制合并现 金流量表时，应当将该子公司以及业务合并当期期初至报告期末的现金流量纳入 合并现金流量表，同时应当对上述报表各比较报表的相关项目进行调整，视同合 并后的报告主体自最 ...